Price cuts, service investments boost Tesla customer loyalty
Key Takeaways
- Tesla’s experiment with prices to drive demand seems to be working , with customers feeling more loyal to Tesla after it slashed prices and confirmed a $7,500 federal tax rebate. Tesla’s Loyalty Intent 1,2 increased over the past month (+6%), as did customer net sentiment 3 toward Price (+12%).
- Tesla’s investments in employees and its retail and service locations also appear to be paying off . Tesla customers feel significantly happier about Tesla’s service department and the attitude and knowledge of its employees. Net sentiment toward both increased significantly (10% and 12% respectively) over the past month.
- Tesla’s Loyalty Intent jump outpaced the pickup in broader electric and hybrid vehicles (+2% the last three months). Electric / hybrid vehicles was the only category across our broader auto industry coverage to see a pickup the last three months.
- Our proprietary, AI-driven Resource Allocation model indicates Tesla should invest in associate attitude and knowledge, the cost of owning its vehicles and its service departments to drive future loyalty and market share gains.
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- All metrics presented, including Net Loyalty Intent (Loyalty Intent), and Net Sentiment / Net Positive Percent are presented on a trailing three-month basis unless otherwise noted.
- Loyalty intent reflects the percentage of customers who plan to purchase a specific car brand again minus the percentage who plan to switch to a new one. We find businesses that see customer Intent trends gain versus the industry have often seen revenue growth rates, margins and/or market share also improve versus peers.
- HundredX measures net sentiment towards a driver of customer satisfaction as the percentage of customers who view a factor as a positive (reason they liked the products, people, or experiences) minus the percentage who see the same factor as a negative.
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